PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (PINK SHEETS: PGPM), an independent oil and gas company, announced today the implementation of a well reactivation program on 10 previously shut in wells located in Archer County, Texas, on City National Bank Property. This lease has a historical accumulative oil production of 55,733 BBL and will contribute to the White Meldon Lease re-works and the well reactivation previously announced. The company estimates that daily production will be 4-5 barrels per well, adding at least 50 barrels per day when the rehabilitation plan is completed, or 1,500 barrels per month. This Reactivation Program is expected to boost the company's production levels and is led by a rigorous implementation plan to re-activate the remaining properties. Pilgrim Petroleum also began its expansion program, which will focus on other profitable ventures currently in negotiation. About Pilgrim Petroleum Corporation Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded independent oil and gas company (PINK SHEETS: PGPM). The company is acquiring oil and gas leases, producing properties, mineral rights, and surface interests in Texas. Once acquired, the company intends to develop each property to maximize the income from each property by refurbishing and improving the existing production. Forward-Looking Statements: The statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers, preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements. 2006 Pilgrim Petroleum Corporation. The information herein is subject to change without notice. Pilgrim Petroleum Corporation shall not be liable for technical or editorial errors or omissions contained herein.